How to be the best trader
How does one become the best trader out of a group? Also how do you know if you are a good stock trader or not.
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Reported.
You know you are a good trader if:
-Your P&L is positive and greater than others in your group -In a given period, Profitability > 50% -Your trades' return > S&P return
How to become a great trader? --I think a great trader is born with the mindset and skills needed to excel.
In your case, you have to start trading on a desk or on your own and figure out what you don't know.
-Stay composed and completely focused while the markets are open -Know when to get out of positions and manage risk -Start reading books and closely following the economy.
-Understand how every economic indicator influences the equity and fixed income markets.
Here's a good book for that: http://www.amazon.com/Secrets-Economic-Indicators-Investment-Opportunit…
There are a number of books on trading but I would check out: Market Wizards: Interviews with Top Traders http://www.amazon.com/Market-Wizards-Interviews-Top-Traders/dp/08873061…
I second reading the Market Wizards books, but start with the first one and then read the second. There is not reason to read the third..it got horrible reviews.
Also, I recommend Alex Elder's "Come into my trading room"----its a classic book on how to start trading and has been recommended to me several times.
Base every decision on the roll of a 7 sided di
Despite the overall bad reviews, some of the chapters in the 3rd Market Wizards book are well worth reading, especially the interview with Steve Cohen's psychologist.
To be the best trader you make the most money for yourself and your partners. As easy as that.
Nothing comes for free; the only way I know how people can be a good trader is providing a service to the market. You either need to provide liquidity or help figure out what's really a fair price for a product. If you know how what you're doing has to do with one of those two things and you can focus on developing your skills and understanding why you made or lost money in that context, you're probably going to be more likely to be successful. (That is what I have seen among the more successful market-makers I work for.)
composure, objectivity and guts.........read Marcus Aurelius.
Seconded. I keep my annotated copy of his meditations on my desk.
You most want "IT" more than the man next to you, due to the fact that real greatness can not be thought regardless what anyone tells you. You can be mentored but that doesn't mean you will have what it takes. It is learned through experience. Paul Tudor Jones became who he is through is own trial and errors. Eat sleep the market
get on a desk first and work hard... these things tend to take care of themselve
How to be an awesome BB trader? (Originally Posted: 11/22/2010)
What do successful flow traders at BB's do to become known and respected? There seems to be such a variety of skills needed with some emphasizing mostly soft skills others some more quantitative or other knowledge. So what skill or mix of skills help one become a superstar in the field?
Read all the books on options, hedging etc? But there are some english major traders ive spoken to that hardly have any quant skills and only rely on speaking to clients. Take speech classes? Shots of testosterone to help put your balls on the line?
What mix of skills or abilities define one type of person that will be a valuable trader at a BB?
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